Mumbai: Indian equity markets regained lost foothold on Tuesday after markets gave up gains in early trade due to volatility over the novel coronavirus pandemic.
The Indian rupee witnessed marginal recovery in early trade and appreciated by 18 paise to 76.02 against the US dollar on Tuesday tracking positive opening in domestic equities.
At around 12:10 pm, BSE Sensex was up 634.04 or 2.44 per cent at 26,615.28 while NSE Nifty was trading 153 points or 2.01 per cent higher at 7,763.25.
At the interbank foreign exchange, the rupee opened at 76.02, registering a rise of 18 paise over its previous close.
On Monday, the rupee had settled at 76.20 against the greenback.
Traders said investor sentiments improved after the Reserve Bank as part of its effort to boost liquidity on Monday said it will conduct Rs 1 lakh crore of short-term variable repo auction.
The repo auctions will be conducted in two tranches. The first repo auction of Rs 50,000 crore was held on Monday.
The second tranche of Rs 50,000 crore of repo auction will be conducted on Tuesday.
However, traders said there are still concerns over the impact of coronavirus outbreak on the domestic as well as the global economy. The number of deaths around the world linked to the new coronavirus has reached over 16,000.
Meanwhile, nearly 500 coronavirus cases have been reported in India so far, according to Health Ministry data on Tuesday.